Maui March 2017 Statistics

April 11, 2017 441 Ala Makani Place Kahului, Maui, HI 96732-3507 Phone: 808-873-8585 ~ Fax: 808-871-8911 Direct: 808-270-4602 E-mail: Terry@RAMaui.com Maui March 2017 Statistics Aloha all! Brief Maui Statistics Overview: Page 4 - March's Sales Unit Residential sales reflect the High Season s closings with 101 homes sold while minium sales increased to 130 units sold. sales increased to 12 lots sold in March. Page 5 - March's SALES prices The Residential median price increased to $769,000 (highest since Sept. 2006) while the median price decreased to $390,000 after January s bump to $525,000 (highest since Feb. 2009). median price remained steady $437,250. Page 6 - Days on Market, Residential homes = 100, s = 110 DOM, = 227 DOM. (General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa. RAM's Days on Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.) Pages 10-14 This month s Year to Date Sales" numbers compare only three months, January- March 2017 to January-March 2016. Shorter timeframe (monthly) views do not necessarily reflect the longer timeframe trends. For a more comprehensive view, see 2016's Year-End (Dec. 2016) figures available at: http://www.ramaui.com/userfiles/file/stats/all-december2016.pdf - Residential unit sales declined somewhat (230 homes sold / -11 units / -5% change ), average sold price = $1,080,672 (+34% change ), median price = $699,000 (+15% change ) and total dollar volume sold = $248,544,447 (+27%). - unit sales increased (341 units sold / +50 units sold/ +17% change ), average sold price = $661,311 (+7% change ), median price = $475,825 (+12%). Total dollar volume sold = $225,507,112 (+26% change ). - NOTE: Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. The number of lot sales decreased (31 lots / -12 lots sold / -28% change), average sold price = $434,671 (-29%), median price = $400,000 (-20% change), Total dollar volume = $13,474,800 (-49% ). Total sales for immediate past 12 months: Residential = 1,067 (with 9.9% being REO or Short Sale), = 1,361 (5.3% REO or SS), = 149 (1.3% REO or SS). NOTE: 38.1% of these Sales in the last 12 months have been CASH transactions. As of April 11, 2017 - Active/Pending-Continue to Show/Contingent status inventory: April 17 Mar. Feb. Jan. Dec. 16 Nov. Oct. Sept. Aug. July June May April 16 Homes 737 700 693 650 648 644 627 655 704 705 697 728 735 s 961 1,002 992 974 961 934 893 930 954 988 993 1,053 1,102 374 402 400 390 387 395 376 381 395 392 402 390 383 Absorption Rate base on this month s Active/Pending-Continue to Show/Contingent status inventory divided by March Sales: Residential 737 / 101 Sold = 7.3 months, = 961/131 Sold = 7.3 months, 374 / 12 Sold = 31.2 months of inventory. For Absorption Rate enthusiasts who calculate only pure Active, (not any pending/contingent) divided by March Sales: Residential 541 Active / 101 Sold = 5.6 months. 778 / 131 Sold = 5.9 mos. 324 / 12 Sold = 27 months of inventory. Overview Page 1 of 2

IN A NUT SHELL... Residential and Prices continue trending upward. Inventory increased for High Season (Dec. - March) and is now declining a bit. Canadian investors have been big participants in Maui s real estate market in years past, however the current Canadian Dollar exchange rate (.75 US $) may motivate Canadian investors to sell, rather than buy OR sell and reinvest in other Maui properties. Increased showings and sales, multiple offers on well priced listings, hesitant buyers may become onlookers... Window of opportunity is quickly closing for first-time homebuyers (see below). CASH is King! when making an offer. For several months approximately 38% of all sales were CASH. Well priced properties are attracting multiple offers making for a quick sale. REO (Foreclosures) and Short Sales are dwindling, with any hidden inventory (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are ratcheting up which may help motivate would-be Buyers to go ahead and buy IF they can qualify. Savvy Investors are buying with Cash, giving them a strong negotiating position, no financing /appraisal hassles and a quick closing. While general U.S. economic news looks cautiously hopeful, current World and US events and The New Administration will have ripple effects on cost of living, consumer confidence, Financial and Real Estate Markets. Rising Sales prices motivate some Owners to become Sellers, putting their homes on the market. FOR SELLERS: Sharpen your pencil, talk to your CPA and your Realtor to explore the hidden benefits or consequences. Make no assumptions that will sting later. To be successful, Sellers need to beat competing properties with better property condition, realistic pricing, good marketing, and flexible, creative terms. Days on Market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers. Priced Right is still the determining factor. BEST Deals are selling, while significantly over-priced listings remain un-sold. Pro-Active Sellers are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers from knowledgeable Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light. FOR BUYERS: Interest rates have started to nudge up. Buyers should get Pre-Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans). Veterans: Check out your VA Loan options. "Short-sales" and foreclosures are still in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6-12 months) to close, if at all. Be prepared, but BE REALISTIC. Lenders are more stringent on requirements now for loan approval, compared to 2004-2008. First-Time Home Buyers Many programs are available.. Attend a First-Time Home Buyers workshop, get familiar with the process, get qualified/approved, do your homework to get your own home. Many current owners never thought they would be able to own until they attended a workshop, discovered they could own a home, and are glad they did. The low point in the market has passed, so check it out carefully NOW, don t delay. The opportunity is fading quickly. If you cannot buy now, start saving your down payment for the next market cycle. Disclaimer: Zooming in on the figures of a specific geographic area or property type may lead to different conclusions that looking at the overall view. Maui's market place is much smaller than Oahu's, and a few high or low sales have a greater effect on the statistical numbers without necessarily indicating a big market swing one way or another. If you have any questions regarding hard numbers, call Terry at 808-270-4602. Mahalo, Terry Tolman RAM Chief Staff Executive Overview Page 2 of 2

Monthly Sales For Month Ending 3/31/2017 Area Name Month Units Previous Month Units Month Units 24 $14,721,800 $593,000 23 $12,946,860 $570,000 31 $18,145,770 $525,500 Haiku 9 $6,471,000 $725,000 3 $2,788,000 $1,000,000 8 $6,478,000 $831,500 0 $0 $0 1 $3,100,000 $3,100,000 0 $0 $0 2 $1,841,000 $920,500 1 $1,238,000 $1,238,000 2 $7,500,000 $3,750,000 Kahakuloa 1 $575,000 $575,000 0 $0 $0 0 $0 $0 1 $3,550,000 $3,550,000 0 $0 $0 2 $4,850,000 $2,425,000 14 $11,735,098 $801,850 13 $13,095,000 $765,000 14 $9,334,499 $647,500 Kula/Ulupalakua/Kanaio 11 $10,976,000 $915,000 8 $7,079,000 $777,500 12 $9,380,500 $690,000 9 $13,190,298 $820,000 0 $0 $0 5 $3,547,784 $760,000 Lanai 3 $1,008,000 $375,000 0 $0 $0 3 $1,529,000 $510,000 Makawao/Olinda/Haliimaile 2 $1,289,000 $644,500 4 $2,684,000 $664,500 7 $4,192,000 $561,500 Maui Meadows 4 $5,838,380 $1,450,440 0 $0 $0 4 $5,185,000 $1,400,000 3 $1,530,000 $460,000 0 $0 $0 0 $0 $0 Napili/Kahana/Honokowai 6 $5,210,994 $964,000 1 $725,000 $725,000 1 $1,050,000 $1,050,000 4 $2,601,000 $672,500 3 $1,795,000 $595,000 6 $3,353,500 $565,000 Sprecklesville/Paia/Kuau 3 $8,760,000 $1,200,000 1 $750,000 $750,000 4 $2,730,000 $615,000 Wailea/Makena 5 $26,595,000 $3,250,000 5 $18,310,000 $1,370,000 0 $0 $0 Maui Summary : 101 $115,892,570 $769,000 63 $64,510,860 $672,575 99 $77,276,053 $611,500 MLS Sale data - Information deemed reliable, however not guaranteed Page 1

minium Monthly Sales For Month Ending 3/31/2017 Area Name Month Units Previous Month Units Month Units 17 $4,237,004 $234,000 11 $4,067,925 $382,500 6 $2,397,200 $392,000 8 $9,691,500 $1,005,000 4 $3,637,000 $923,500 13 $20,050,000 $1,140,000 4 $3,459,500 $757,500 1 $1,300,000 $1,300,000 1 $835,000 $835,000 42 $16,791,700 $357,000 45 $22,108,698 $403,900 38 $18,287,000 $355,700 10 $6,160,355 $522,500 9 $4,406,000 $400,000 6 $3,256,845 $493,073 Maalaea 6 $2,907,600 $331,800 5 $1,973,000 $265,000 1 $300,000 $300,000 2 $406,000 $203,000 0 $0 $0 3 $516,000 $170,000 Napili/Kahana/Honokowai 25 $9,203,900 $325,000 19 $6,526,200 $340,000 23 $11,122,799 $510,000 0 $0 $0 1 $580,000 $580,000 0 $0 $0 Sprecklesville/Paia/Kuau 0 $0 $0 0 $0 $0 1 $325,000 $325,000 Wailea/Makena 17 $27,775,500 $919,000 18 $36,676,750 $1,687,500 12 $12,480,000 $682,500 Maui Summary : 131 $80,633,059 $390,000 113 $81,275,573 $465,000 104 $69,569,844 $494,000 MLS Sale data - Information deemed reliable, however not guaranteed Page 2

Monthly Sales For Month Ending 3/31/2017 Area Name Month Units Previous Month Units Month Units 3 $939,500 $290,000 1 $250,000 $250,000 2 $623,500 $311,750 Haiku 1 $469,000 $469,000 3 $1,485,000 $475,000 3 $1,389,500 $450,000 0 $0 $0 1 $325,000 $325,000 0 $0 $0 1 $382,000 $382,000 0 $0 $0 4 $2,077,250 $405,000 Kahakuloa 1 $467,500 $467,500 0 $0 $0 0 $0 $0 2 $1,435,000 $717,500 0 $0 $0 2 $742,000 $371,000 Kula/Ulupalakua/Kanaio 3 $1,640,000 $525,000 1 $1,295,000 $1,295,000 4 $3,654,000 $695,000 0 $0 $0 0 $0 $0 1 $900,000 $900,000 0 $0 $0 0 $0 $0 1 $479,000 $479,000 Olowalu 0 $0 $0 0 $0 $0 1 $895,000 $895,000 1 $365,000 $365,000 0 $0 $0 0 $0 $0 Maui Summary : 12 $5,698,000 $437,250 6 $3,355,000 $437,500 18 $10,760,250 $444,500 SOURCE: REALTORS Association of Maui - www.ramui.com MLS Sale data - Information deemed reliable, however not guaranteed Page 3

Sales Unit By Month For Month Ending 3/31/2017 160 140 120 100 80 60 40 20 0 Jan-12 Mar-12 2012 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 2013 Jan-14 Mar-14 May-14 Jul-14 Con Lnd Re s 2014 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 2015 2016 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 2017 Month Jan Feb 50 91 9 78 83 12 63 63 7 66 101 14 65 94 13 60 89 12 75 83 11 60 95 14 73 83 5 69 104 20 66 97 13 63 113 6 Mar Apr May Jun Jul Aug Sep 82 130 22 79 129 8 65 113 16 86 122 13 76 82 12 77 98 13 77 67 11 80 101 25 79 144 14 109 139 20 93 125 17 93 112 13 81 113 25 85 121 15 70 127 14 84 136 19 86 117 20 93 94 18 100 83 9 68 95 13 95 80 12 86 123 16 87 105 12 88 110 12 101 99 14 129 80 13 96 101 4 97 110 17 99 104 18 100 126 11 94 119 14 99 110 13 93 111 7 96 124 10 83 99 21 101 131 12 Oct Nov Dec 99 96 9 85 100 22 84 142 29 82 91 19 75 96 23 78 120 23 84 95 14 76 68 10 63 125 12 106 105 16 72 74 9 93 101 16 82 97 13 91 112 10 98 122 19 MLS Sales data - Information deemed reliable, however not guaranteed Page 4

Sales By Month For Month Ending 3/31/2017 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Con Lnd Res Month Jan 2012 2013 399000 330000 350000 550000 297000 675000 2014 695000 441000 370000 2015 577000 378000 700000 2016 630000 395000 850000 2017 660000 525000 300000 Feb 513750 287000 333925 537500 360000 502500 560000 345000 447500 558625 475000 490000 595000 431950 512500 672575 465000 437500 Mar 435000 368043 467500 509500 375000 535000 590500 420000 507500 632625 440000 451000 611500 494000 444500 769000 390000 437250 Apr May Jun Jul Aug 469000 399000 365000 470000 370000 479500 382000 336000 330000 549000 380000 267500 575500 372990 310000 599000 400000 469260 488000 332000 422500 475000 357625 425000 509000 342450 350000 585000 420000 350000 583000 403500 510000 537500 472000 575000 530000 444500 545500 570250 375000 550000 570000 410000 440000 581000 410000 417500 607098 459500 563750 650000 355000 420000 590000 393000 250000 550000 336000 347500 665000 444500 372000 622500 422000 378500 659000 384000 1200000 600000 440000 490000 672063 420000 271500 Sep 425000 325000 238000 470000 345000 335000 570000 462500 520000 573300 399500 625000 665000 379000 625000 Oct 485000 349995 250000 540000 305500 385000 566000 419000 467500 592000 392900 375000 632500 460000 470000 Nov 465000 400000 455000 515000 350000 547371 587500 366250 411500 550000 475000 520000 635000 382500 377065 Dec 508000 376000 340000 512500 365000 390000 565000 380000 650000 550000 410000 281750 700500 414500 426524 MLS Sales data - Information deemed reliable, however not guaranteed Page 5

Sales Days on Market By Month For Month Ending 3/31/2017 400 300 200 100 0 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Con Lnd Res 2012 2013 2014 2015 2013 2016 2017 Month Jan Feb 165 144 242 153 172 371 125 151 151 147 183 273 132 123 91 119 99 271 118 113 171 90.5 118 274 125 110 46 156 98 192 112 115 142 105 116 87 Mar Apr May Jun Jul Aug Sep 136 171 173 156 170 253 106 198 159 183 158 186 146 138 347 153 175 208 140 172 211 110 137 263 107 125 368 149 173 241 116 142 105 115 159 192 107 94 156 115 157 315 141 124 241 147 127 170 117 137 247 114 122 233 104 137 279 109 114 163 90 93 107 124 108 256 104 113 161 119 116 188 125 136 267 118 118 149 114 123 132 95 117 198 95.5 106 130 105 110 159 121 120 121 127 114 140 111 155 85 116 133 171 165 139 81 99.5 118 227 Oct Nov Dec 140 161 556 148 153 476 114 148 339 114 121 67 115 128 231 125 109 150 139 118 111 129 109 122 103 117 137 120 135 187 106 129 275 151 109 139 103 139 179 107 115 152 111 92 130 MLS Sale data - Information deemed reliable, however not guaranteed Page 6

Prices by Area For Month Ending 3/31/2017 Month Information Haiku Kahakuloa Kula/Ulupalakua/ Kanaio Lanai M akawao/olinda/haliimaile M aui M eadows Napili/Kahana/Honokowai Sprecklesville/Paia/Kuau Wailea/ M akena 0 250,000 500,000 750,000 1,000,000 1,250,000 1,500,000 1,750,000 2,000,000 Area Month Previous Month Month $593,000 $570,000 $525,500 Haiku $725,000 $1,000,000 $831,500 $0 $3,100,000 $0 $920,500 $1,238,000 $3,750,000 Kahakuloa $575,000 $0 $0 $3,550,000 $0 $2,425,000 $801,850 $765,000 $647,500 Kula/Ulupalakua/Kanaio $915,000 $777,500 $690,000 $820,000 $0 $760,000 Lanai $375,000 $0 $510,000 Makawao/Olinda/Haliimaile $644,500 $664,500 $561,500 Maui Meadows $1,450,440 $0 $1,400,000 $460,000 $0 $0 Napili/Kahana/Honokowai $964,000 $725,000 $1,050,000 $672,500 $595,000 $565,000 Sprecklesville/Paia/Kuau $1,200,000 $750,000 $615,000 Wailea/Makena $3,250,000 $1,370,000 $0 MLS Sale data - Information deemed reliable, however not guaranteed Page 7

minium Prices by Area For Month Ending 3/31/2017 Month Information $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Maalaea Napili/Kahana/Honokowai Sprecklesville/Paia/Kuau Wailea/Makena Area Month Previous Month Month $234,000 $382,500 $392,000 $1,005,000 $923,500 $1,140,000 $757,500 $1,300,000 $835,000 $357,000 $403,900 $355,700 $522,500 $400,000 $493,073 Maalaea $331,800 $265,000 $300,000 $203,000 $0 $170,000 Napili/Kahana/Honokowai $325,000 $340,000 $510,000 $0 $580,000 $0 Sprecklesville/Paia/Kuau $0 $0 $325,000 Wailea/Makena $919,000 $1,687,500 $682,500 MLS Sale data - Information deemed reliable, however not guaranteed Page 8

Prices by Area For Month Ending 3/31/2017 Month Information Haik u Kahak uloa Kihe i Kula/Ulupalakua/Kanaio Olow alu $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Area Month Previous Month Month Haiku Kahakuloa Kula/Ulupalakua/Kanaio Olowalu $290,000 $250,000 $311,750 $469,000 $475,000 $450,000 $0 $325,000 $0 $382,000 $0 $405,000 $467,500 $0 $0 $717,500 $0 $371,000 $525,000 $1,295,000 $695,000 $0 $0 $900,000 $0 $0 $479,000 $0 $0 $895,000 $365,000 $0 $0 MLS Sale data - Information deemed reliable, however not guaranteedc Page 9

Year To Date Sales Information Comparing 1/1/2017 thru 3/31/2017 with 1/1/2016 thru 3/31/2016 Number of Sales Sales Price Sales Price Total Dollar Area Sales Year Ago s Units % 71 80-9 -11% $593,814 $557,338 7% $580,000 $527,750 10% $42,160,777 $44,587,031-5% Haiku 18 14 4 29% $948,828 $829,357 14% $785,000 $889,000-12% $17,078,900 $11,611,000 47% 2 3-1 -33% $2,200,000 $703,333 213% $2,200,000 $650,000 238% $4,400,000 $2,110,000 109% 7 4 3 75% $1,461,750 $2,757,500-47% $1,318,250 $1,790,000-26% $10,232,250 $11,030,000-7% Kahakuloa 1 0 1 N/A $575,000 $0 N/A $575,000 $0 N/A $575,000 $0 N/A 1 5-4 -80% $3,550,000 $3,370,000 5% $3,550,000 $2,700,000 31% $3,550,000 $16,850,000-79% Kaupo 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A 35 38-3 -8% $881,089 $639,234 38% $770,000 $607,000 27% $30,838,098 $24,290,899 27% Kula/Ulupalakua/Kanaio 24 22 2 9% $927,083 $743,295 25% $818,500 $667,500 23% $22,250,000 $16,352,500 36% 10 13-3 -23% $1,419,405 $1,201,676 18% $911,875 $720,000 27% $14,194,048 $15,621,784-9% Lanai 5 4 1 25% $398,600 $518,500-23% $385,000 $527,500-27% $1,993,000 $2,074,000-4% Makawao/Olinda/Haliimaile 9 18-9 -50% $673,444 $763,233-12% $630,000 $627,500 0% $6,061,000 $13,738,200-56% Maui Meadows 4 10-6 -60% $1,459,595 $1,248,155 17% $1,450,440 $1,300,000 12% $5,838,380 $12,481,550-53% 4 4 0 0% $401,250 $421,000-5% $340,000 $388,500-12% $1,605,000 $1,684,000-5% Nahiku 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A Napili/Kahana/Honokowai 11 4 7 175% $860,909 $988,175-13% $950,000 $996,350-5% $9,469,994 $3,952,700 140% Olowalu 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A 12 14-2 -14% $655,667 $596,679 10% $641,000 $595,000 8% $7,868,000 $8,353,500-6% Sprecklesville/Paia/Kuau 5 7-2 -29% $2,007,000 $674,429 198% $750,000 $590,000 27% $10,035,000 $4,721,000 113% Wailea/Makena 11 1 10 1000% $5,491,364 $5,500,000 0% $3,250,000 $5,500,000-41% $60,405,000 $5,500,000 998% Maui Summary: 230 241-11 -5% $1,080,672 $808,955 34% $699,000 $610,000 15% $248,554,447 $194,958,164 27% MLS Sale data - Information deemed reliable, however not guaranteed Page 10

minium Year To Date Sales Information Comparing 1/1/2017 thru 3/31/2017 with 1/1/2016 thru 3/31/2016 Number of Sales Sales Price Sales Price Total Dollar Area Sales Year Ago s Units % 37 36 1 3% $328,146 $321,450 2% $345,000 $266,000 30% $12,141,404 $11,572,200 5% 16 25-9 -36% $1,221,406 $1,455,000-16% $911,000 $1,150,000-21% $19,542,500 $36,375,000-46% 6 5 1 20% $897,417 $1,302,077-31% $757,500 $935,384-19% $5,384,500 $6,510,384-17% 123 93 30 32% $472,736 $463,287 2% $395,000 $355,000 11% $58,146,504 $43,085,653 35% 25 28-3 -11% $524,730 $502,092 5% $465,000 $493,073-6% $13,118,255 $14,058,565-7% Lanai 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A Maalaea 22 13 9 69% $477,891 $351,151 36% $412,250 $360,000 15% $10,513,600 $4,564,964 130% 3 3 0 0% $166,167 $172,000-3% $92,500 $170,000-46% $498,500 $516,000-3% Napili/Kahana/Honokowai 59 60-1 -2% $380,180 $440,341-14% $345,000 $435,000-21% $22,430,600 $26,420,474-15% 1 0 1 N/A $580,000 $0 N/A $580,000 $0 N/A $580,000 $0 N/A Sprecklesville/Paia/Kuau 0 2-2 -100% $0 $290,000-100% $0 $290,000-100% $0 $580,000-100% Wailea/Makena 49 26 23 88% $1,696,964 $1,367,388 24% $1,200,000 $972,500 23% $83,151,249 $35,552,100 134% Maui Summary: 341 291 50 17% $661,311 $615,929 7% $475,825 $425,000 12% $225,507,112 $179,235,340 26% MLS Sale data - Information deemed reliable, however not guaranteed Page 11

Fee Simple minium Year To Date Sales Information Comparing 1/1/2017 thru 3/31/2017 with 1/1/2016 thru 3/31/2016 Number of Sales Sales Price Sales Price Total Dollar Area Sales Year Ago s Units % 37 36 1 3% $328,146 $321,450 2% $345,000 $266,000 30% $12,141,404 $11,572,200 5% 14 22-8 -36% $1,335,179 $1,616,364-17% $962,500 $1,225,000-21% $18,692,500 $35,560,000-47% 6 5 1 20% $897,417 $1,302,077-31% $757,500 $935,384-19% $5,384,500 $6,510,384-17% 123 92 31 34% $472,736 $462,344 2% $395,000 $352,450 12% $58,146,504 $42,535,653 37% 24 27-3 -11% $542,473 $516,058 5% $484,000 $500,000-3% $13,019,355 $13,933,565-7% Lanai 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A Maalaea 16 9 7 78% $556,813 $399,218 39% $562,000 $390,000 44% $8,909,000 $3,592,964 148% 2 3-1 -33% $218,750 $172,000 27% $218,750 $170,000 29% $437,500 $516,000-15% Napili/Kahana/Honokowai 43 48-5 -10% $431,353 $468,688-8% $395,000 $445,000-11% $18,548,200 $22,497,000-18% 1 0 1 N/A $580,000 $0 N/A $580,000 $0 N/A $580,000 $0 N/A Sprecklesville/Paia/Kuau 0 2-2 -100% $0 $290,000-100% $0 $290,000-100% $0 $580,000-100% Wailea/Makena 49 26 23 88% $1,696,964 $1,367,388 24% $1,200,000 $972,500 23% $83,151,249 $35,552,100 134% Maui Summary: 315 270 45 17% $695,271 $640,185 9% $488,700 $445,000 10% $219,010,212 $172,849,866 27% MLS Sale data - Information deemed reliable, however not guaranteed Page 12

Leasehold minium Year To Date Sales Information Comparing 1/1/2017 thru 3/31/2017 with 1/1/2016 thru 3/31/2016 Number of Sales Sales Price Sales Price Total Dollar Area Sales Year Ago s Units % 2 3-1 -33% $425,000 $271,667 56% $425,000 $265,000 60% $850,000 $815,000 4% 0 1-1 -100% $0 $550,000-100% $0 $550,000-100% $0 $550,000-100% 1 1 0 0% $98,900 $125,000-21% $98,900 $125,000-21% $98,900 $125,000-21% Maalaea 6 4 2 50% $267,433 $243,000 10% $274,500 $255,000 8% $1,604,600 $972,000 65% 1 0 1 N/A $61,000 $0 N/A $61,000 $0 N/A $61,000 $0 N/A Napili/Kahana/Honokowai 16 12 4 33% $242,650 $326,956-26% $148,750 $223,500-33% $3,882,400 $3,923,474-1% Maui Summary: 26 21 5 24% $249,881 $304,070-18% $202,000 $265,000-24% $6,496,900 $6,385,474 2% MLS Sale data - Information deemed reliable, however not guaranteed Page 13

Year To Date Sales Information Comparing 1/1/2017 thru 3/31/2017 with 1/1/2016 thru 3/31/2016 Number of Sales Sales Price Sales Price Total Dollar Area Sales Year Ago s Units % 7 3 4 133% $262,757 $289,500-9% $242,500 $308,500-21% $1,839,300 $868,500 112% Haiku 7 8-1 -13% $472,286 $473,750 0% $475,000 $512,500-7% $3,306,000 $3,790,000-13% 4 0 4 N/A $376,250 $0 N/A $375,000 $0 N/A $1,505,000 $0 N/A 1 7-6 -86% $382,000 $651,071-41% $382,000 $680,000-44% $382,000 $4,557,500-92% Kahakuloa 1 1 0 0% $467,500 $375,000 25% $467,500 $375,000 25% $467,500 $375,000 25% 0 2-2 -100% $0 $1,187,500-100% $0 $1,187,500-100% $0 $2,375,000-100% 2 5-3 -60% $717,500 $492,700 46% $717,500 $372,000 93% $1,435,000 $2,463,500-42% Kipahulu 0 1-1 -100% $0 $285,000-100% $0 $285,000-100% $0 $285,000-100% Kula/Ulupalakua/Kanaio 5 5 0 0% $642,000 $807,800-21% $525,000 $670,000-22% $3,210,000 $4,039,000-21% 0 4-4 -100% $0 $941,250-100% $0 $882,500-100% $0 $3,765,000-100% Makawao/Olinda/Haliimaile 0 2-2 -100% $0 $668,056-100% $0 $668,056-100% $0 $1,336,111-100% Maui Meadows 1 0 1 N/A $525,000 $0 N/A $525,000 $0 N/A $525,000 $0 N/A 0 2-2 -100% $0 $327,000-100% $0 $327,000-100% $0 $654,000-100% Nahiku 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A Napili/Kahana/Honokowai 1 1 0 0% $330,000 $415,000-20% $330,000 $415,000-20% $330,000 $415,000-20% Olowalu 0 1-1 -100% $0 $895,000-100% $0 $895,000-100% $0 $895,000-100% 2 1 1 100% $237,500 $440,000-46% $237,500 $440,000-46% $475,000 $440,000 8% Sprecklesville/Paia/Kuau 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A Wailea/Makena 0 0 0 N/A $0 $0 N/A $0 $0 N/A $0 $0 N/A Maui Summary: 31 43-12 -28% $434,671 $610,665-29% $400,000 $499,000-20% $13,474,800 $26,258,611-49% MLS Sale data - Information deemed reliable, however not guaranteed Page 14

Prices by Area For Quarter Ending 3/31/2017 Quarter Information Cent ral Haiku Kahakuloa Kula/ Ulupalakua/ Kanaio Lanai Makawao/ Olinda/ Haliimaile Maui Meadows Napili/Kahana/ Honokowai Olowalu Sprecklesville/Paia/Kuau Wailea/ Makena $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 Area Quarter Previous Quarter Quarter $580,000 $564,000 $650,000 Haiku $785,000 $765,000 $889,000 $2,200,000 $1,200,000 $650,000 $1,318,250 $1,410,000 $1,790,000 Kahakuloa $575,000 $1,083,500 $0 $3,550,000 $2,400,000 $2,700,000 $770,000 $650,000 $607,000 Kula/Ulupalakua/Kanaio $818,500 $834,950 $667,500 $911,875 $725,000 $720,000 Lanai $385,000 $412,500 $527,500 Makawao/Olinda/Haliimaile $630,000 $480,000 $627,500 Maui Meadows $1,450,440 $1,345,000 $1,300,000 $340,000 $378,000 $388,500 Napili/Kahana/Honokowai $950,000 $885,000 $996,350 Olowalu $0 $5,100,000 $0 $641,000 $711,000 $595,000 Sprecklesville/Paia/Kuau $750,000 $618,250 $590,000 Wailea/Makena $3,250,000 $2,500,000 $5,500,000 MLS Sale data - Information deemed reliable, however not guaranteed Page 15

minium Prices by Area For Quarter Ending 3/31/2017 Quarter Information Haiku Kula/ Ulupalakua/ Kanaio Lanai Maalaea Makawao/ Olinda/ Haliimaile Nahiku Napili/ Kahana/ Honokowai Sprecklesville/ Paia/ Kuau Wailea/ Makena $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 Area Quarter Previous Quarter Quarter Haiku Kula/Ulupalakua/Kanaio Lanai Maalaea Makawao/Olinda/Haliimaile Nahiku Napili/Kahana/Honokowai Sprecklesville/Paia/Kuau Wailea/Makena $345,000 $400,000 $266,000 $911,000 $950,000 $1,150,000 $757,500 $1,480,000 $935,384 $395,000 $342,000 $355,000 $465,000 $472,500 $493,073 $0 $2,425,000 $0 $412,250 $487,000 $360,000 $92,500 $120,000 $170,000 $345,000 $325,000 $435,000 $580,000 $594,750 $0 $0 $0 $290,000 $1,200,000 $998,500 $972,500 MLS Sale data - Information deemed reliable, however not guaranteed Page 16

Prices by Area For Quarter Ending 3/31/2017 Cent ral Haiku Honokohau Quarter Information Kahakuloa Kaupo Keanae Kipahulu Kula/ Ulupalakua/ Kanaio Lanai Maalaea Makawao/ Olinda/ Haliimaile Maui Meadows Nahiku Napili/Kahana/ Honokowai Olowalu Sprecklesville/Paia/Kuau Wailea/ Makena $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Area Quarter Previous Quarter Quarter Haiku Honokohau Kahakuloa Kaupo Keanae Kipahulu Kula/Ulupalakua/Kanaio Lanai Maalaea Makawao/Olinda/Haliimaile Maui Meadows Nahiku Napili/Kahana/Honokowai Olowalu Sprecklesville/Paia/Kuau Wailea/Makena $242,500 $470,000 $308,500 $475,000 $368,500 $512,500 $375,000 $400,000 $0 $382,000 $530,000 $680,000 $467,500 $0 $375,000 $0 $795,000 $1,187,500 $717,500 $440,000 $372,000 $0 $900,000 $285,000 $525,000 $680,000 $670,000 $0 $442,500 $882,500 $0 $420,000 $668,056 $525,000 $420,000 $0 $0 $77,500 $327,000 $0 $673,500 $0 $330,000 $410,000 $415,000 $0 $699,000 $895,000 $237,500 $307,490 $440,000 $0 $600,000 $0 MLS Sale data - Information deemed reliable, however not guaranteed Page 17